NewDay USA Reviews

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NewDay USA

Overall Rating


252 Customer Reviews


NewDay USA is a mortgage lender that claims to provide a wide range of financial products that can help you save money and achieve your financial goals.

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Customer Reviews

3.9 Stars out of 252 Reviews
5 Star:66% 4 Star:5% 3 Star:2% 2 Star:4% 1 Star:19%
75% Recommend This Company
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Posted on Jun 8, 2015

Don't bother - Get a VA loan somewhere else at a lower rate without any points or origination fees

By James Perry, Tampa, Florida, Verified Reviewer

Bottom Line: With one phone call after talking with NewDay, we obtained a 2.75% 15 year mortgage for over $10,000 less.

I am a recently retired U.S. Army Officer. After moving into our retirement home, we decided to refinance in order to get our finances in order. We contacted NewDay and had we gone with them (we went with another lender) we would have an interest rate a full point higher, paid two points to pay down to that "lower" interest rate (what a joke), paid a one point for loan origination fee, and paid several hundred dollars more in fee’s (VA, title services, transfer/recording fee’s, etc.) based on the higher loan amount.

We couldn't be more disappointed in NewDay, and are disgusted at the way their company targets our nation’s veterans. Their commercials are a continual reminder that - “You've given 100% to your country, now let NewDay take 3% more (and at a higher interest rate)”

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 49 People Have Voted

Posted on Jun 3, 2015

New requirements after closing to get funding released, still waiting for release of funding

By Robert Anderson, Centennial, Colorado, Verified Reviewer

I had not seen these reviews before using New Day and wish I had. My experience through the process was not horrible but they took a very long time to get the paperwork in order. It was basically two months. We did the closing, a lot of paperwork but relatively painless. The surprise came when we were supposed to received the funding. I work as a consultant and travel. The night before the funding was to be released they are asking for copies of void checks, copies of drivers licenses. The notary had to complete a form and sign it providing the information on the licenses and we completed closing documents (multiple different forms) with both the bank routing and account information as well as the drivers license information. Everything was 100% complied with, signed and attested by the notary in the closing documents.

The whole funding delay and last minute request to jump through hoops to provide information previously provided in a legal document within the closing package just does not pass the "smell" test. Still waiting for the funding release after complying with all the "new" duplicate information. They also tried to tack on a lot of fees, most of which I rejected. I refinanced an existing mortgage and rolled in some debt with the result I should pay less on the mortgage than I had been, kept the same payoff end date and not have the other bills so it should be a great deal for me. Their failure to perform has left a sour taste on the whole situation and I hope they actually complete the funding. If not done in a couple more days, I will start the process all over again with a Colorado based lender and file a law suite against New Day. Not a happy camper!

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 20 People Have Voted

Posted on Jun 23, 2015

Not helpful at all

By John Kozura IV, D/FW, Texas, Verified Reviewer

I own ten acres of reasonably valuable property with a double wide trailer and addition outside of Denton, Texas that is completely paid for. I needed to take out a mortgage for cash to pay for a divorce that was not my idea.

After filling out the application, etc., I received an email from Timothy O'Boyle telling me that they are unable to loan money to people who have manufactured or mobile homes. He then stopped responding to any further attempts to contact him via email or phone.

I think these guys are just middlemen processing VA loan applications anyway, adding no value to anything but their own wallets.

I suggest you look elsewhere. These guys were very unhelpful to me and seem shady.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 19 People Have Voted

Posted on Jul 2, 2015

Never contacted

By Jayme Kortokrax, Austin, Tx, Verified Reviewer

I applied online and they never even contacted me. Perfect credit, more than 50% equity in my home. Either they have too much business or are running some sort of a scam.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 18 People Have Voted

Posted on Jul 15, 2015

Horrible experience

By Lenora, Fairbanks, AK, Verified Reviewer

We applied for a loan. After a month or so of going back and forth with them asking for stuff numerous times and we provide everything they ask for, they approve the loan. Then we get another email saying they need something else... Numerous times. We have never been through a strenuous process like this over a loan. The process was much easier the first time we purchased our home and to me NewDay should be ashamed of themselves. After such a long drawn out process they denied us because we were 1-2 days late on our mortgage payment 3 times out of a year. I was angry because of all the work we put in to get them the information they needed and it was just a waste of time.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 25 People Have Voted

Posted on Aug 12, 2015


By Thomas Faunce, Lachine, Michigan, Verified Reviewer

They promised us so much as a Veteran, then they took a long time to allow the mortgage to go through and when it did, a short time later they sold it. They are not Veteran friendly at all, it is a lie. We sent all of our payments in on time yet they lost one in their system. Even though they found it and the mistake, they put a mark against our credit even though they lied to us and said they would not. It's sad that they promote how they care for the Veterans. It is a scam.

Bottom Line: Yes, I would recommend this to a friend

Helpful Review? 26 People Have Voted

Posted on Feb 29, 2016


By Frank Congema, Charlotte, NC, Verified Reviewer

This company is the worst mortgage company I have ever dealt with.

I applied for a VA loan in August of 2015 and all the paperwork was in within 5 days on my end. All I got from them was more and more paperwork containing updated material such as bank receipts, VA pension documents, etc. over and over again. Every time I tried to get in touch via email or phone, they never got back to me. Here it is, February of 2016 and they are asking for more updates of the paperwork I submitted multiple times. And they're still asking more of the same documents. I finally had to cancel the loan because six months to get a mortgage, seeing I'm a VA home owner already, is ridiculous. Any veteran that uses this company beware, you will have nothing but the run around as I can attest to a Vietnam veteran.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 62 People Have Voted

Posted on Jun 7, 2016

Tried to rip me off.

By Chris McGovern, Roanoke, VA, Verified Reviewer

I am a retired veteran with a credit score over 760. My 'loan officer' Andrew Engel (more like snake oil salesmen) tried to sell me a loan at 4% interest with 1.5 points applied (over 3.5k), and an origination fee, after I responded to an offer in the mail offering a free appraisal.

A simple mortgage rate search put me in contact with a more reputable lending brokerage that provided me an interest rate of 3.25% with NO points applied.

The worst part, the 4% rate put me above the debt to income threshold and was going to be a headache of a process. At 3.25% I was under the threshold and it's easy as pie.

Do not allow this company to get one over on you! What they are doing may be 'legal' but it sure isn't ethical.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 25 People Have Voted

Posted on Jun 14, 2016


By Chris, Jacksonville, FL, Verified Reviewer

I recently started a cash out VA loan process with NewDay USA. While they tell you all the things you DO NOT have to pay for (most you won't pay with any lender), they were charging me two points, and an origination fee. Total closing was $15k. $6,000 of which was based on appraisal and a 4.75% interest!

I called a broker we used before and locked in 3.5% with no points and no origination fee. $13k back at closing, payment over $200 less per month.

Run from NewDay USA! That is what my broker said.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 32 People Have Voted

Posted on Jul 7, 2016

This is a scheme to rip of veterans.

By Mike Day, Shingle Springs, CA, Verified Reviewer

They claim they are all for the veteran. Such BS. They charge more than your local bank would, their paperwork is unbelievably anal, they make you do most of the work, and you end up with a bad loan. I'm now stuck with a check for $1500.00 payable to someone I owe no money to and with no way to use the check. I was immediately contacted by no less than six lenders who pointed out that they could lower my interest rate using the same appraisal and verifications. I know have a much better loan but am still setting here with the useless $1500.00 check.

They should be investigated for elder abuse.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 27 People Have Voted

Posted on Jul 15, 2016

Interest reduction fees

By Nate, St Louis, Verified Reviewer

Newday USA's prices are predatory and clients need to know what isn't stated. I was told that for over $4,000 I could reduce my interest from 4.75 to a 4.25. Or I could keep the money and get a 4.75. I was baffled so I called a local mortgager whom I should have gone to first and I was locked in a 100% VA loan at 3.5% immediately. Newday USA is charging a fee to reduce the interest, then a fee to service the loan, and their interest rates are inflated to line their pockets. Normally, a mortgager doesn't amp up the interest you qualify for based on credit and normally makes their up front profits off of the lending fees. Newday USA is predatory and greedy. Go to your local mortgager.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 31 People Have Voted

Posted on Jul 16, 2016

Fox News Network

By Marily5, Verified Reviewer

NewDay USA are sponsors of Fox. This is a total scam against our veterans to get your money from the low informed people who don't understand what's going on because they listen to the media instead of researching themselves to find the real truth. Do not believe that NewDay USA is going to do anything special for you.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 32 People Have Voted

Posted on Jul 26, 2016

NewDay Just Waasn't for me

By Bridget Harris, South Boston, VA, Verified Reviewer

The absolute worst company ever! My refinance took almost 6 months due to repairs they claimed the appraiser deemed necessary. After spending thousands of dollars to repair my AC unit outside, some TILE I had put down after I purchased the house, ceiling tiles, and several minor issues, I was told by the appraiser that he never said ANY of that needed to be repaired. And as a matter of fact, the VA didn't even require a house to have AC, just heat! They claimed to be saving me money but in reality my interest rate went up and so did my monthly payment. I'd NEVER recommend these crooks to anyone.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 39 People Have Voted

Posted on Jul 27, 2016

New Day is not veteran friendly at all!

By Bill, Las Vegas, Verified Reviewer

I do not recommend this company. I am a retired officer and 25-year veteran of the United States Air Force. I tried refinancing my house through NewDay USA in June of 2016. I was denied outright. Not even a, "Let's see what we can do."

On July 20, 2016 I was approved through another mortgage company.

New Day USA states in its commercials it will give a "Veteran a hand up." Do not believe this. Zero star rating.

Bottom Line: Yes, I would recommend this to a friend

Helpful Review? 30 People Have Voted

Posted on Aug 18, 2016

800+ credit score but no refinance for me.

By Kim, Lancaster, PA, Verified Reviewer

Applied for VA refinance loan. I am retired, have plenty in the bank to pay off my home or mortgage if I want to, but for tax and liquidity reasons prefer to just refinance. Amy A. pulled my TransUnion credit score which was over 800. She needed one more score but I had to remove the freeze on one of them (Experian or Equifax). Executed temporary unfreeze for 24 hours from Aug 9-10, called her and let her know. On Aug 11 I get a voicemail from her stating that because she still can't pull a 2nd report, she will have to put my application on hold. I called her back and asked her if she had attempted to contact me to let me know there was a problem so that I could call the credit bureau that I had paid a fee to to unfreeze my report. She hesitated, then said she had (I later searched my phone and found no missed calls or voicemails from her). The subject of my lack of employment came up again in the conversation. I asked her if that was going to prevent approval even if the other report comes back with a credit score over 800 and she said yes. I told her that this would have been helpful to know before wasting my time (and the money I paid for the Experian fee). She stated that it made no difference how much money I have in reserve, as they would only consider actual "income". On a side note: in my research for another lender I learned that there is NO INCOME REQUIREMENT for VA IRRRL loan.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 37 People Have Voted

Posted on Aug 27, 2016

NewDay way too strict on Condos

By Charles Smith, Baltimore, Maryland, Verified Reviewer

I am a Vet and I applied for to NewDay USA for refinancing. I didn't qualify because I live in a Condo and the VA is extremely strict on Condo refinancing. The requirements are way too strict for the amount of paperwork that's needed. The paperwork that's needed is far way more than needed for a home. Condo Association didn't have the time to gather all the requirements. My credit checked out and my income was fine. So, because of all these documents that the VA needed, I couldn't get approved. So because you are a VET and you are credit and income worthy, that apparently doesn't account for nothing.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 16 People Have Voted

Posted on Sep 11, 2016

Adm Lynch may not realize that his company projects the image of predatory loan companies.

By Alan Spurlin, Pensacola, FL, Verified Reviewer

I contacted NewDay USA on the 30th of August, 2016 online to gain some basic information about a mortgage refinance. Before my fingers left the keyboard I received a phone call from a very aggressive salesperson. He was relentless in his sales pitch and would talk over my questions.

I had difficulty in gaining his attention. I asked him repeatedly to discuss figures with me but he wouldn't. He kept insisting on discussing figures on the phone with me and my wife, which I declined not wanting to subject my wife to a refinancing negotiation (I let him know earlier that I was the only one requesting the refinance).

I asked that he send me numbers via email so I would have the chance to digest them; he was relentless in insisting that we discuss it over the phone with my wife included.

The salesperson sent me an email stating that his company could provide a good deal for me and wouldn't be wasting his time if he couldn't.

I could write much more about my experience. In short, it was condescending, patronizing, disrespectful, unsympathetic predatory. Not at all what I expected after watching their TV advertisement.

NewDay USA's obvious target market is enlisted military members and that concerns me. I would appreciate any info anyone has about this company

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 55 People Have Voted

Posted on Sep 29, 2016

Not for Veterans!

By Beverly, Baltimore, MD, Verified Reviewer

My husband and I have been trying ways of keeping our home. Wells Fargo wouldn't give us a modified mortgage because we DIDN'T miss any payments. So when we saw the commercial for NewDay USA, with my husband being a Navy vet, we thought that this would be an answer to our prayers. NOT! After loads of paperwork, and I do mean loads, our home had to come in a certain amount. We were not looking for getting any money out of it, just to lower our monthly payments. Well, our home didn't come at the value that was required to get the loan, though other homes in my area were at that range requirement. The percentage was higher than other lenders, but their sales pitch was to look out for our Vets. No way! Our loan would have been approved if we forked over $25K to bring our home up to the value requirement. Really? Look out for Vets...that is a total farce. So in the meanwhile, we're scraping by. Thank you NewDay USA for NOTHING.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 47 People Have Voted

Posted on Oct 3, 2016

Sounds good, but...

By Dan Johnson, Palm Springs, CA, Verified Reviewer

NewDay talks a big game on TV, but in my experience, the organization is not for vets at all, at least, not all vets. As a Vietnam vet, retired, I approached NewDay about refinancing after seeing the TV ad. I was turned down given my retired status/fixed income. It is clear to me that while NewDay may help "select" vets, helping vets is not its primary concern. On the other hand, Veterans United did in fact, assist me in purchasing a home. To all those who have been shamed by NewDay, turn to Veterans United. They are indeed motivated to assist vets, not just the "select" few.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 54 People Have Voted

Posted on Oct 23, 2016

No help

By legrande Mason, Nevada, Verified Reviewer

I am a Vietnam veteran. I turned to NewDay USA for help. What did I get? Rejection! So I had to turn to somebody else.

I had hoped to get with A veteran org but I guess I'm not Veteran enough. And having to watch NewDay USA's commercials now day after day makes me sick to my stomach. It seems to me that they're only there for certain Veterans, they should add that to their commercial.

They need t stop making us feel like they're there for all of us, when they're only there for a selected few. Thanks for nothing.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 39 People Have Voted

Posted on Oct 26, 2016

Free Home Appraisal for Vets - "in your dreams"

By Brenda, Auburn, GA, Verified Reviewer

My husband is a Vietnam Vet and as such was suppose to be entitled to a "free" home inspection in the qualification process. NOT! NewDay USA charged us $400 to inspect our home. They lie in their advertising on Television about giving Vets "Free Home Inspections". That was one of the reasons we went with NewDay. They are "suppose" to be on Veteran's side in home loans. Not only did they charge us for our home inspection but after they had our loan for 6 or 7 months, they SOLD our loan to Freedom Mortgage. If we had wanted to go with a different mortgage lender we would have looked for somebody else in the first place. We feel betrayed and like suckers for believing NewDay's hype on Television. They're not veteran's friends. They're veteran users. Don't believe anything these people say. After we closed on our loan, we couldn't even get our loan officer to return a phone call. It was like we didn't even exist. NewDay USA turned out to be the worst company we could have picked.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 52 People Have Voted

Posted on Oct 28, 2016

Not a friend of veterans

By Hugh Elliott, Atlanta, GA, Verified Reviewer

I applied for a VA refinance with NewDay and several other lenders. NewDay's fee was $5000 more and interest rate a full percentage point higher than any others. Their ad implies that 100% financing is special, but that is standard for VA loans. They imply you may save $640/month on mortgage payments, but that assumes you will get cash out and pay off other loans and they include those reduced payments in the $640. They are not a friend of veterans.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 46 People Have Voted

Posted on Nov 8, 2016

My Experience with NewDay 100

By Alan M Kaplan, LtCol USAF (ret), NV, Verified Reviewer

I was attracted to NewDay 100 by the TV ad featuring Admiral Lynch. That guy is really good at what he does. I was convinced that if at all possible I would do business with NewDay because they truly want to help veterans. I'm not in a big rush to refinance because I have a good interest rate now and my only purpose in refinancing is the lower monthly payments so when I die (I'm almost 90) the house payments would be a little easier for my daughter. I have talked with a number of lenders and have gotten some reasonable offers.

The first time I tried NewDay 100 was about four or five months ago. At that time they were not licensed to do business in Nevada. Somewhere I heard that they were doing business in Nevada and I call them about a week ago and was able to reach a salesman who told me that now they are able to do business in Nevada. Since I have been shopping mortgages for some months now, I know exactly what I want and don't need to play with a lot of options. I currently have a 3.785% 30-year conventional loan. My credit is an average of about 760. Other lenders have quoted me anywhere between 3.00% and 3.25% with no points.

I gave that requirement to the NewDay agent on the phone. He wasted about an hour of my time going over each item on my credit report and having me set up an Excel spreadsheet which did nothing. He kept probing for other emergency funds and other accounts in which I had money. I have never had a mortgage lender ask questions in that area. I don't think they should because their collateral is the house. The only thing he would tell me is that they would pay for the appraisal which as I recall was going to be $500.

Anyhow, that call took place about 2 p.m., he asked me if I would be home at 8 p.m. that evening and he would call me back. I never received any call from him. But about two days later I got is the proposal which ended up in the trash about two minutes later.

I will never do business with these guys. I don't know if they are running a scam or not, but I know that there is something wrong with their operation. And that operation is not the veteran-friendly operation that Admiral Lynch fronts for. I fear for people with no experience in this area. One thing is to do comparison-shopping. It's easy to get them calling. Don't settle for the first one who calls you.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 57 People Have Voted

Posted on Nov 13, 2016

Stay away from NewDay USA

By Tom Rosen, Tampa, Fl, Verified Reviewer

These people have one thing in mind and that is to charge you as much as they can. Their fees are so outrageous that I am quite certain the Government will step in. They are a sales organization and send your loan to a mortgage lender and that is why it takes so long to close.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 48 People Have Voted

Posted on Dec 19, 2016

Business Owners Beware

By Jennifer, Verified Reviewer

If you are a business owner don't tell them about your business because they will factor in all your business losses and make it look like you make nothing when in fact you bring in close to $200K a year (separate from business) and are sitting on $160K in equity yet somehow the business loss from your Corporation, a separate entity, somehow means that you don't make enough to qualify for a loan that you can more than afford to repay.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 33 People Have Voted

Posted on Dec 29, 2016

Did not ask and the surely did not tell!

By Fuka C., York, PA, Verified Reviewer

We applied for a VA Refi trying to consolidate other bills. The rep was always there if we had any questions. My husband was a veteran as well as servicing the public up to his retirement as a Baltimore City Firefighter.

We had passed the credit check and had sent over some personal information that was requested. Like I said the representative was always there to answer any question. When we received the docs from them - disclosures along with the estimated closing sheet - that is where the problem became clear.

With the paying off of the mortgage also funding our escrow the numbers still seemed way too high. When we called the representative we wanted to know why we had to pay to bring down the rate. The rate we were quoted was 4.75%, that was higher than our credit union which offered 3.25%. But the real problem was the 1.5% to the tune of $4300 extra to buy down the rate so it was not 4.75 but 5.25%. Using Veterans is unforgivable.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 49 People Have Voted

Posted on Apr 12, 2017

Waste of time

By Luke, Dallas, Texas, Verified Reviewer

I gave these people everything they needed to verify what they asked for. 60 days later they come back to me and say they make fact-based decisions. Well, I gave one year of cashed rent checks, one year of water bills, one year of another utility bill, and they deny my loan because they said that they can't prove my residence.

Do not waste your time with this company. They do not look out for vets; they look out for their bottom line. Do your research and find a real company. All lenders will do VA loans, and they are more of experts than these morons.

I went with another company and was able to get my VA loan hassle free. I wasted two months with these morons, and screwed my interest rate since rates have increased.

Bottom Line: No, I would not recommend this to a friend

Company Response from NewDay USA

Apr 18, 2017

Thank you for your candor regarding your recent transaction with NewDay. Our understanding is that the VP of Compliance discussed this specific situation with you regarding the primary residence requirement for Veteran Affair loans. We are pleased that you were able to move forward with the transaction with another lender.

Respectfully, The Customer Service Team.

Helpful Review? 21 People Have Voted
Showing 1-27 of 252

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